Thailand’s New Cybercrime Decree: A Gamechanger for Banking and Payment Sector

Date: March 21, 2023

New Legislation Targets Financial Crimes and Scams

Thailand’s latest legislation against cybercrime and scams, the Royal Decree on Measures for Protection and Suppression of Technology Crimes B.E. 2566 (2023), also known as the Cybercrime Decree, officially went into effect on March 17, 2023. This new law is designed to disrupt the money laundering process and combat cybercrime and scams, with a particular focus on financial transactions.

Empowering Account Holders and Victims

Under the new decree, account holders and victims of cybercrime can report any suspected transactions to their commercial banks and online payment platforms. In response, these financial institutions must freeze the transactions for a period of 72 hours. If a police complaint is filed, the freeze must be maintained for an additional seven days.

Obligations for Financial Institutions

The Cybercrime Decree also requires banks, payment platforms, and other service providers to share data relevant to cybercrime investigations. This data exchange aims to facilitate the prevention and suppression of cybercrimes more efficiently.

Consequences for Suspected Transactions

Commercial banks and online payment platforms are mandated to freeze any recognized illicit transactions they discover for a week and inform the relevant authorities. The unfreezing of a transaction can only be done with the authorities’ explicit approval.

Expanding Legal Scope

The new Cybercrime Decree expands the scope of existing legal measures to encompass cybercrimes related to bank accounts and telephone numbers. Offenders face imprisonment for up to five years, a fine of up to THB 500,000, or both.

Myanmar Central Bank’s Action Against Digital Currencies

In related news, the Myanmar Central Bank (CBM) issued a public notice cautioning against the usage and trading of unregulated digital currencies, reaffirming their illegality within the nation’s borders. The CBM, authorized under the Central Bank of Myanmar Law to issue currency, has not granted permission for financial institutions to trade digital currencies.

Seeking Further Information

For more details about the Cybercrime Decree and countering computer or financial crimes in Thailand, please contact email@example.com or email@example2.com. Stay tuned for further updates on the evolving regulatory landscape.